Reuters reports that the growth numbers for the US economy have been revised downward from 1.3 to 1.0 for the most recent quarter. Not really a surprise to anyone except liberals and followers of Keynesian economics. I can’t recall any of these numbers being revised in a positive direction during this administration. The numbers come out one month and the next are shown to be too high and are changed downward. Just about sums up what this administration is all about.
Economists had expected output growth to be revised down to 1.1 percent. In the first quarter, the economy advanced just 0.4 percent. The government’s second GDP estimate for the quarter confirmed growth almost stalled in the first six months of this year.
The United States is on a recession watch after a massive sell-off in the stock market knocked down consumer and business sentiment. The plunge in share prices followed Standard & Poor’s decision to strip the nation of its top notch AAA credit rating and a spreading sovereign debt crisis in Europe.
If you are expecting any real improvement while the left is in charge of things, you need to seriously re-consider your thinking process. There are no indications that the policies of gigantic government, outrageous taxation and re-distribution of wealth from the producers to the parasites has ever worked. No economic system can tolerate this kind of thing for long. We saw this kind of malaise under Carter and now we are seeing it again under Obama. The only cure for this is to fire these people and stop their plans to destroy the country.
Once we have adults back in charge of things, we will be able to get our fiscal house back in order. The damage that they have done to us will make it much more difficult than would otherwise have been the case, but we will have a chance to fix things. In the long run it will require a serious shrinking of the welfare state and all of the debt and spending that goes with it. And this will mean that many people who are now on the dole will have to learn to fend for themselves. But there is no alternative to this if we wish to avoid national bankruptcy. We just don’t have the money for a never ending welfare gravy train.
